Riyadh - Sharikat Mubasher: Aramco, one of the world’s leading integrated energy and chemicals companies, signed 145 agreements and memoranda of understanding (MoUs) worth SAR 33.75 billion at the In-Kingdom Total Value Add (iktva) Forum and Exhibition 2025.
The agreements are expected to advance the localization of goods and services in Saudi Arabia, boosting local content in the supply chain and fostering collaboration, the company revealed in a statement today.
Iktva takes place from 13 to 16 January at Dhahran Expo under the theme of “Ecosystem of Opportunities”, with the participation of over 250 exhibitors and more than 400 speakers.
During the first day of the event, ASMO, a joint venture between Saudi Aramco Development Company and DHL, announced the launching of its operations in Riyadh to redefine the procurement and supply chain landscape in the Middle East and North Africa (MENA) region.
The event also featured the inauguration of the Novel Non-Metallic Solutions facility at King Salman Energy Park and the NMDC Offshore fabrication yard at Ras Al Khair.
Wail Al Jaafari, Aramco Executive Vice President of Technical Services, said: “Since its launch in 2015, iktva has set new standards by creating best-in-class infrastructure, streamlining business processes, creating new opportunities, and building a world-class supply chain. The program is actively driving domestic value creation and maximizing economic growth and diversification.”
The intent of the program is to achieve a 70% iktva score while increasing exports of locally manufactured goods and services and creating direct and indirect jobs for young Saudis. As part of the iktva program, 210 localization opportunities have been identified within 12 sectors, with an estimated annual market size of $28 billion.
Since its launch, the iktva program has enabled the establishment of 350 new local manufacturing facilities, with a total capital expenditure (CAPEX) of more than $9 billion.
Iktva Forum and Exhibition 2025 was opened by the Governor of the Eastern Province Saud Abdulaziz in a ceremony attended by Abdulaziz Al-Saud, Minister of Energy, and Saud Abdulaziz, Deputy Governor of the Eastern Province.
The event focuses on showcasing the evolution of the local supply base, the realization of enablement anchor projects, and collaboration areas to further develop the domestic supply chain ecosystem.
It should be mentioned that Aramco’s iktva score within its procurement of goods and services has risen from 35% in 2015 to 67% in 2024.
